Swarovski credits rising self purchases for India market growth
Business
Swarovski is having a standout year in India as more people are treating themselves to crystal jewelry instead of just buying it as gifts.
Kolja Kiofsky, the brand's global chief commercial officer, says this shift toward self-purchases has made India one of Swarovski's fastest-growing markets alongside Japan and the US.
Swarovski plans expansion, targets ₹13,000-25,000
To keep up with demand, Swarovski is focusing on watches and jewelry priced between ₹13,000 and 25,000, especially popular with millennials, and plans to open more stores across the country.
The brand expects a big sales jump during Diwali and expanded its offerings in the market with the launch of lab-grown diamonds in 2024, riding the wave as India's luxury market heads toward a projected $12 billion by 2028.